Volkswagen is spending 2 billion euros ($2.2 billion) to expand its presence in China’s electric car industry in the biggest foreign investment announced since the country's economy began to reopen following the coronavirus pandemic. Volkswagen AG said Friday it will buy control of its electric vehicle venture with a Chinese partner in a 1 billion euro ($1.1 billion) deal. The German automaker said it would spend another 1 billion euros ($1.1 billion) to become the biggest shareholder in a bat

Renault acknowledged that its global ambitions had been unrealistic, announcing plans to cut about 15,000 jobs, shrink production and restructure French plants as it pressed the reset button and sought to banish the spectre of Carlos Ghosn. Faced with a slump in demand that has been exacerbated by the coronavirus pandemic, Renault detailed plans on Friday to find 2 billion euros ($2.22 billion) in savings over the next three years. "We thought too big in terms of sales," said interim Chief Exe

Renault will stay in Formula One, interim Chief Executive Coltilde Delbos said on Friday after announcing the carmaker's restructuring measures including plans to cut 15,000 jobs worldwide. Renault's F1 future had been uncertain given the financial pressures on the French car giant and a slump in demand due to the COVID-19 pandemic. Renault finished fifth overall last season.

Uber has sent thousands of electric bikes to be recycled for scrap as part of handing operations of their Jump e-bike division to scooter-sharing company Lime.

German car parts supplier ZF Friedrichshafen plans to reduce the workforce by up to 15,000 jobs, or around 10%, by 2025 as a result of a slump in demand, according to a memo on Thursday. ZF, which helps carmakers develop gearboxes and hybrid drivetrains, said in an email to employees that half of the 12,000-15,000 job cuts would be in Germany. "As a result of the demand freeze on the customer side, our company will make heavy financial losses in 2020," chief executive officer Wolf-Henning Sche

Volkswagen said on Thursday its supervisory board had approved several projects in a multibillion-dollar alliance with Ford Motor that was first announced last July. Among the shared projects specified by VW are a midsize pickup to be developed by Ford; a city delivery van to be developed by VW; a larger commercial van to be developed by Ford, and a new electric vehicle for Ford of Europe, to be built on VW's electric vehicle architecture. Regarding official approval of the a

We're playing F1 2019 today.

Formula One team owners McLaren saw group revenues reverse from 284 million pounds ($348.13 million) to 109 million in the first quarter of 2020 due to the COVID-19 pandemic, results on Thursday showed. It said second quarter figures were expected to be in line with Q1 but saw a stronger performance in the second half and also detected the first signs of recovery during May, particularly from China due to relaxed restrictions. The Woking-based company said McLaren Group was "looking at a numbe